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Cobalt International Energy, Inc. Closes Secondary Public Offering of Common Stock and Announces End of “Controlled Company” Status Under NYSE Corporate Governance Standards

HOUSTON--(BUSINESS WIRE)--
Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced
the closing of the previously announced registered underwritten public
offering of shares of its common stock, all of which were sold by funds
affiliated with First Reserve Corporation, Goldman, Sachs & Co.,
Riverstone Holdings LLC and The Carlyle Group, and KERN Partners Ltd.
and certain limited partners in such funds affiliated with KERN Partners
Ltd. (collectively, the “selling stockholders”). The selling
stockholders sold a total of 40,000,000 shares of Cobalt’s common stock.
The underwriters also may purchase up to an additional 6,000,000 shares
of common stock from certain of the selling stockholders should the
underwriters exercise their over-allotment option. Cobalt will not
receive any of the proceeds from the sale of the shares of common stock.
Morgan Stanley & Co. LLC and Citigroup acted as the underwriters of the
offering.

Cobalt today also announced that, as a result of the secondary offering
and the selling stockholders now owning in the aggregate less than 50%
of Cobalt’s total outstanding shares of common stock, Cobalt is no
longer a “controlled company” for purposes of certain exemptions from
the NYSE corporate governance standards. Accordingly, Cobalt will be
required to comply with, among other things, the NYSE’s board and
committee independence requirements within the time periods required by
the NYSE rules. In addition, certain provisions set forth in Cobalt’s
certificate of incorporation and bylaws take effect regarding, among
other things, the election and removal of directors from Cobalt’s board
and the ability of stockholders to take action by written consent or
call special meetings of stockholders.

About Cobalt

Cobalt is an independent oil exploration and production company focusing
on the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon in
West Africa. Cobalt was formed in 2005 and is headquartered in Houston,
Texas.

Forward-Looking Statements

This press release includes “forward-looking statements” within the
meaning of the safe harbor provisions of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934 —
that is, statements related to future, not past, events. Forward-looking
statements are based on current expectations and include any statement
that does not directly relate to a current or historical fact. In this
context, forward-looking statements often address Cobalt’s expected
future business and financial performance, and often contain words such
as “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other
similar words. These forward-looking statements involve certain risks
and uncertainties that ultimately may not prove to be accurate. Actual
results and future events could differ materially from those anticipated
in such statements. For further discussion of risks and uncertainties,
individuals should refer to Cobalt’s SEC filings. Cobalt undertakes no
obligation and does not intend to update these forward-looking
statements to reflect events or circumstances occurring after this press
release, other than as required by law. You are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the date of this press release. All forward-looking statements are
qualified in their entirety by this cautionary statement.

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About

Cobalt International Energy, Inc., a development stage company, operates as an independent oil-focused exploration and production company. It focuses on the deepwater of the United States Gulf of Mexico, and offshore Angola and Gabon in West Africa. The company has strategic relationships with TOTAL E&P USA, INC. and Sociedade Nacional de Combust